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A couple of Utah residents have been charged in a national crackdown on mortgage fraud schemes. In all, more than 400 people have been charged in some 150 different cases.
Those trying to get a loan to buy a house, or those selling a house, can tell you just how tough the business is right now. Sure, a lot of the people arrested work in big, corporate offices, but when you boil it down, it's the "little people" who are affected.
Ed Cox isn't a real estate agent, but if you listen to his pitch about 817 American Beauty Drive in Rose Park, he sure sounds like one. "This is a real nice; three bedroom, two bathroom, full basement," he explained. "We've had a lot of renovations done over the past two years."
Cox recently retired and wants to buy a home with less yard and fewer stairs. Thing is, he has to sell his home first. "We know there are a lot of interested buyers. But getting those loans and actually being able to make an offer, those are few and far between," he said.
Cox says since the beginning of April, when he first put his home on the market, he's had 15 people a week looking at the home. Some have said they're interested in buying, but no one has come through so far.
"I blame the economy and the current situation," Cox said.
Part of that situation involves Utah U.S. Attorney Brett Tolman and Utah FBI Director Tim Fuhrman. They helped announce a federal, national crackdown on mortgage fraud cases.
Two Utahns, along with more than 400 other people across the country have been charged with mortgage fraud.
"The mortgage industry, as it suffers from more fraud, is going to tighten up and restrict the lending," Tolman said.
That's exactly what Cox is seeing. He says his real estate agent is now pre-qualifying people for loans before getting serious about his house.
"I'm sure there's one buyer out there, and we only need one," Cox said.
The two Utahns charged with mortgage fraud, in separate cases, are 37-year-old Bryan Conrad of Salt Lake City and 49-year-old Jerry Huff of Hurricane. The FBI says both of them will have to appear in federal court.
E-mail: acabrero@ksl.com
